Online gambling has been a fixture of the Internet for the last three decades. But, it has never been so prevalent across the globe than it is today. Over the years, there have been changes and developments. The last few years, however, have seen an enormous increase in the use of big data to improve outcomes for casino and sportsbook operators.
Back in 1994, Microgaming pioneered online gambling. Since then, however, the industry has moved by leaps and bounds. Today, with online gambling more popular than ever, the use of big data is essential in the accurate determining of odds and the personalization of games to suit different kinds of players. The demand is so high that industry leaders have hired teams of big data technicians and engineers to carry out the essential analysis they need to change with the times. So, how is big data changing the face of gambling today?
What Is Big Data?
Before we look at the ways in which big data has contributed to the world of gambling, it is important to know what it is and how it is used. The term “big data” is simply referring to large volumes of both unstructured and structured data that businesses accumulate on a daily basis. However, the amount of data accumulated is not very important. It is what the organization does with the data that matters. By analyzing big data, companies can get valuable insights that can help them to plan more strategic business movements and make better business decisions.
Although the term “big data” is new, storing and gathering vast amounts of information to analyze has been going on for years. In fact, the concept began back at the beginning of the millennium and has been progressing until it achieved the status it has reached today.
Big Data and The Gambling Industry
Everyone knows that in the gambling and casino industry, whoever controls the information is usually the winner. Gamblers know the house usually has the better odds and that numbers are key to success. So, it is not surprising that big data is a concept that has caught the attention of both sides of the industry.
Sportsbooks, too, have realized the potential of big data in collecting and analyzing player data, and both forms of gambling have harnessed its potential to increase their profits. Meanwhile, gamblers themselves are starting to use the information supplied by big data to develop more effective strategies for betting to help them to win more often.
Establishment of Realistic Odds
One of the primary uses for big data in the gambling industry is in the establishment of odds by sportsbooks. Big data analysis was first implemented by bookmakers to help them in analyzing earlier games, determine point scoring and winning patterns, and establish more accurate odds to offer their punters. By using this information to personalize the bookmaking process and offer tailored odds, push notifications, and exclusive real-time offers, the online face of the gambling industry can be changed for the better. Punters get a better and more customized deal suited to their needs.
Poker Game Strategy Development
Over the last few years, poker’s status has elevated beyond that of just a basic card game. Large poker tournaments are now regularly broadcast on TV, and the top poker players are now enjoying celebrity status. Playing poker online has also become a popular pastime, with competitions growing rapidly. Now, websites are realizing the benefits of using big data analysis and are starting to track all the world’s most important poker tournaments, tracking the statistics of the players, and allowing the site’s users to use this information to inform their own games.
More Accurate Outcome Predictions
It isn’t only bookmakers who can exploit the advantages that big data provides. Players can also harness the potential of big data analysis to predict the outcomes of events and, therefore, achieve larger wins. Bettors are now able to compare the data sets of two teams and then try to determine the outcome of their game the same way sporting organizations use big data to analyze the tactics and players of their opposing team to determine which tactics and strategies to adapt themselves during gameplay.
When advanced big data analysis is applied, it has been shown to be possible to predict a winner in more than 90 percent of cases. This was proven during the 2014 World Cup when Google Cloud DataFlow and Google BigQuery were used to correctly predict the result of 14 out of 16 matches.
Improvements in Casino Marketing
Big data analysis is also playing a key role in changes to casino marketing strategies. By being able to customize offers to players, the face of gambling is slowly changing, Establishments are becoming more appealing to specific groups of players. Both real-world and online casinos are harnessing the potential of big data to improve the results of their marketing campaigns, and thanks to advanced cookie use, they can use information as diverse as the types of games players prefer, what patterns of games they play, and even what food they like to eat to generate personalized campaigns and cultivate better customer loyalty.
This can be done both online and in real-world casinos, for example, by sending players e-mailed offers for promotional bonuses based on their favorite slots, or offering loyalty coupons for the restaurants they are most likely to visit to attract players back to the casino. This has worked for Station Casinos, which has already managed to increase its guest retention by at least 14 percent by using this big data-inspired marketing strategy.
Helping in The Running of Fantasy Sports Companies
While fantasy sports leagues may not technically be gambling, there are certainly enough parallels to include it in this article. This is an example of an entire niche that is powered using big data since the performance of every team is dependent on the real-life statistics of the players. Advanced algorithms analyze real-world sporting information to determine which player combinations proved to be better in genuine competitions.
It is clear to see that whether big data is being used by gamblers, casinos, bettors or sportsbooks, it has had a major transforming effect on the industry. With such a wealth of information now being gathered and generated, the impact of big data will continue to be experienced in the future. Businesses are only beginning to understand its potential. Once they are more familiar with the concept, businesses will be able to exploit the data even further, both in the gambling industry and elsewhere.
These days, there are more gambling opportunities than ever, both online and offline, in many countries. Therefore, the importance of big data across the entire gambling industry cannot be overlooked. As experts find more ways of using this key information to their advantage, we are likely to see even more progress and even more uses for big data across the whole of the global gambling industry, which will benefit both the house and the players. With more tailored marketing programs, more accurate odds, and more efficient and effective playing strategies for gamblers themselves, big data is certainly the way forward.
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